Microeconomics Second Exam Erhardt

question

total utility

answer

the total satisfaction a consumer derives from consumption; it could refer to either the totally utility of consuming a particular good or the total utility from all consumption.

question

marginal utility

answer

the change in total utility derived from a one-unit change in consumption of a good.

question

law of diminishing marginal utility

answer

the more of a good a person consumes per period, the smaller the increase in total utility from consuming one more unit (o.t.c)

question

consumer equilibrium

answer

the condition in which an individual consumer's budget is spent and the last dollar spent on each good yields the same marginal utility; therefore utility is maximized.

question

marginal valuation

answer

the dollar value of the marginal utility derived from consuming each additional unit of a good.

question

consumer surplus

answer

the difference between the maximum amount that a consumer is willing to pay for a given quantity of a good and what the consumer actually pays.

question

indifference curve

answer

shows all combinations of goods that provide the consumer with the same satisfaction, or the same utility (the consumer finds all combinations on a curve equally preferred)

question

marginal rate of substitution

answer

the number of "A" you are willing to give up to get more of "B", neither gaining nor losing utility in the process.

question

the law of diminishing rate of substitution

answer

States that as your consumption of A increases, the amount of "B" you are willing to give up to get another "A" declines.

question

indifference map

answer

a graphical representation of a consumer's tastes. Each curve reflects a different level of utility.

question

budget line

answer

depicts all possible combinations of videos and pizzas, given their prices and your budget.

question

explicit cost

answer

opportunity cost of resources employed by a firm that takes the form of cash payments.

question

implicit cost

answer

a firm's opportunity cost of using its own resources or those provided by its owners without a corresponding cash payment.

question

accounting profit

answer

a firm's total revenue minus its explicit costs

question

economic profit

answer

a firm's total revenue minus its explicit and implicit costs

question

normal profit

answer

the accounting profit earned when all resources earn their opportunity cost.

question

variable resources

answer

any resource that can be varied in the short run to increase or decrease production

question

fixed resource

answer

any resource that cannot be varied in the short run.

question

short run

answer

a period during which at least one of a firm's resources is fixed- about 3 months

question

long run

answer

a period during which all resources under the firm's control are variable. - about 1 year

question

total product

answer

the total output produced by a firm

question

production function

answer

the relationship between the amount of resources employed and a firm's total product.

question

marginal product

answer

the change in total product that occurs when the use of a particular resource increases by one unit, all other resources constant

question

increasing marginal returns

answer

the marginal product of a variable resource increases as each additional unit of that resource is employed.

question

law of diminishing marginal returns

answer

as more of a variable resource is added to a given amount of a fixed resource, marginal product eventually declines and could become negative.

question

fixed cost

answer

any production cost that is independent of the firm's rate of output

question

variable cost

answer

any production cost that changes as the rate of output changes.

question

total cost

answer

the sum of fixed cost and variable cost or TC=FC+VC

question

average variable cost

answer

variable cost divided by output or AVC= VC/q

question

average total cost

answer

total cost divided by output, or ATC=TC/q; the sum of average fixed cost and average variable cost, or ATC=AFC+AVC

question

long-run average cost curve

answer

a curve that indicates the lowest average cost of production at each rate of output when the size, or scale, of the firm varies; also called the planning curve.

question

economies of scale

answer

forces that reduce a firm's average cost as the scale of operation increases in the long run.

question

diseconomies of scale

answer

forces that may eventually increase a firm's average cost as the scale of operation increases in the long run.

question

constant long-run average cost

answer

a cost that occurs when, over some range of output, long run average cost neither increases nor decreases with changes in firm size.

question

production function

answer

identifies the maximum quantities of a particular good or service that can be produced per time period with various combinations of resources, for a given level of technology.

question

isoquant curve

answer

a curve that shows all the technologically efficient combinations of two resources, such as labor and capital, that produce a certain rate of output.

question

greater

answer

isoquants farther from the origin represent ________ output rates

question

negative

answer

isoquants have ________ slopes because along a given isoquant, the quantity of labor employed inversely relates to the quantity of capital employed

question

answer

do isoquants intersect?

question

convex

answer

isoquants are usually _____________ to the origin

question

marginal rate of technical substitution

answer

The rate at which labor substitutes for capital without affecting output.

question

isocost line

answer

identifies all combinations of capital and labor the firm can hire for a given total cost.

question

expansion path

answer

the line formed by connecting tangency points.

question

market structure

answer

important features of a market, such as the number of firms, product uniformity across firms, firms' ease of entry and exist, and forms of competition.

question

perfect competition

answer

a market structure with many fully informed buyers and sellers of a standardized product and no obstacles to entry or exit of firms in the long run.

question

commodity

answer

a standardized product, a product that does not differ across producers, such as bushels of wheat or an ounce of gold.

question

price taker

answer

a firm that faces a given market price and whose quantity supplied has no effect on that price; a perfectly competitive firm.

question

marginal revenue

answer

the change in total revenue from selling an additional unit; in perfect competition, marginal revenue is also the market price.

question

golden rule of profit maximization

answer

to maximize profit or minimize loss, a firm should produce the quantity at which marginal revenue equals marginal cost; this rule holds for all market structures.

question

average revenue

answer

total revenue divided by output, or AR=TR/q; in all market structures, average revenue equals the market price.

question

short-run firm supply curve

answer

a curve that shows the quantity a firm supplies at each price in the short run; in perfect competition, that portion of a firm's marginal cost curve that intersects and rises above the low point on its average variable cost curve.

question

short-run industry supply curve

answer

a curve that indicates the quantity supplied by the industry at each price in the short run; in perfect competition, the horizontal sum of each firm's short-run supply curve.

question

long-run industry supply curve

answer

a curve that shows the relationship between price and quantity supplied by the industry once firms adjust fully to any change in market demand.

question

constant-cost industry

answer

an industry that can expand or contract without affecting the long run per-unit cost of production; the long-run industry supply curve is horizontal. Example: Pencil industry

question

increasing-cost industry

answer

an industry that faces higher per-unit production costs as industry output expands in the long run; the long run industry supply curve slopes upward.

question

producer efficiency

answer

the condition that exists when market output is produced using the least-cost combination of inputs; minimum average cost in the long run.

question

allocative efficiency

answer

the condition that exists when firms produce output most preferred by consumers; marginal benefit equals marginal cost.

question

producer surplus

answer

a bonus for producers in the short run; the amount by which total revenue from production exceeds variable costs.

question

social welfare

answer

the overall well-being of people in the economy; maximized when the marginal cost of production equals the marginal benefit to consumers.

question

barrier to entry

answer

any impediment that prevents new firms from entering an industry and competing on an equal basis with existing firms.

question

patent

answer

a legal barrier to entry that grants its holder the exclusive right to sell a product for 20 years from the date the patent application is filed. [Pharmaceuticals]

question

innovation

answer

the process of turning an innovation into a marketable product.

question

price maker

answer

a firm that must find the profit maximizing price when the demand curve for its output slopes downward.

question

deadweight loss of monopoly

answer

net loss to society when a firm uses its market power to restrict output and increase price.

question

rent seeking

answer

activities undertaken by individuals or firms to influence public policy in a way that will increase their incomes.

question

price discrimination

answer

increasing profit by charging different groups of consumers' different prices when the price differences are not justified by differences in costs.

question

perfectly discriminating monopoly

answer

a monopolist who charges a different price for each unit sold; also called the monopolist's dream.

question

monopolistic competition

answer

a market structure with many firms selling products that are substitutes but different enough that each firm's demand curve slopes downward; firm entry is relatively easy.

question

Physical differences, location, services, product image

answer

Four basic ways how products differentiate themselves?

question

excess capacity

answer

the difference between a firm's profit-maximizing quantity and the quantity that minimizes average cost.

question

excludability

answer

the property of a good whereby a person can be prevented from using it.

question

rivalry in consumption

answer

the property of a good whereby one person's use diminishes other people's use.

question

private goods

answer

goods that are both excludable and rival in consumption.

question

public goods

answer

goods that are neither excludable nor rival in consumption

question

common resources

answer

goods that are rival in consumption but not excludable.

question

Free rider

answer

a person who receives the benefit of a good but avoids paying for it. (Fireworks... they are not excludable)

question

Excessive Capacity

answer

the difference between a firm's profit maximizing quantity and the quantity that maximizes average costs

question

oligopoly

answer

a market structure characterized by a few firms whose behavior is interdependent (airlines)

question

undifferentiated oligopoly

answer

an oligopoly that sells a commodity or product that does not differ across suppliers, such as an "ingot of steel" or "barrel of oil"

question

differentiated oligopoly

answer

an oligopoly that sells a commodity or product, that differs across suppliers such as automobiles or breakfast cereal.

question

collusion

answer

an agreement among firms to increase economic profit by dividing the market and/or fixing prices.

question

cartel

answer

a group of firms that agrees to coordinate production and pricing decisions to act like a monopolist. -OPEC

question

Price leader

answer

a firm whose price is adopted by other firms in the industry

question

isocost line

answer

all combinations of capital and labor that a firm can hire for total given cost. They are parallel

question

negative

answer

What is the slope of an isocost line?

question

tangency between the isocost line and isoquant

answer

where is the minimum cost to produce a given output on an isocost line?

question

connect the tangency points between the isoquants and isocost lines

answer

What does an expansion path do?

question

perfectly competitive market

answer

in what market structure is the demand curve a horizontal line at the market price and perfectly elastic?

question

find the quantity at which total revenue exceeds total cost by the most

answer

how can a firm maximize economic profit?

question

economic profit

answer

if total revenue exceeds total cost, this ensues

question

economic loss

answer

if total cost exceeds total revenue, this ensues

question

consumer surplus

answer

in a ______ ______ consumers pay less than they are willing to pay

question

producer surplus

answer

in a ______ _______ producers are willing to accept less than what they are receiving

question

social welfare

answer

when marginal cost of production is equal to the marginal benefit to consume, what is maximized?

question

barriers to entry

answer

Legal restrictions, patents and invention incentives, licenses, and economies of scale are examples of:

question

downward

answer

economies of scale as represented by the downward sloping long run average cost curve have a _____slope

question

Debeers

answer

what diamond company controls the diamond mining industry as a barrier to entry?

question

China

answer

What country controls the essential resource of pandas?

question

Alcoa

answer

What controls the supply of bauxite as a barrier of entry?

question

Russia, Australia, Canada

answer

in the mid 1990s what three countries lost control of rough diamond supplies due to violating US antitrust laws by not negotiating with buyers and offering uncut diamonds at a set price?

question

America

answer

in what country do consumers make more than a third of the world's retail purchases, but only make up 5% of the world population?

question

where marginal revenue equals zero

answer

in a monopoly, where does the total revenue curve reach its maximum?

question

where marginal cost equals marginal revenue

answer

when is profit maximized in a monopoly?

question

downward

answer

a price discrimination market has a ______ slope

question

allocative efficiency

answer

where does no deadweight loss occur?

question

answer

are cartels legal in the US?

question

game thoery

answer

what is an approach that analyzes oligopolistic behavior and is a series of strategic moves and countermoves by rival firms?

question

answer

do indifference curves intersect?

question

virtual reality

answer

what is AMC monopolizing on as less people are going to movies?

question

disney

answer

what company wants to create its own VR industry?

question

Boeing

answer

What company is possibly a "monopoly" for plane production, having data access and software access

question

economies of scale

answer

the idea that a movie theater with only one screen still needs someone to sell tix, sell popcorn, and run the movie projecter, along with the fact that one worker could monitor two screens to be more efficient explains

question

diseconomies of scale

answer

Movie times being staggered due to the limited quantity of parking represents

question

Supersize Me

answer

What does Dr. Erhardt say "ruined" Mcdonalds?

question

greater

answer

isoquants farther from the origin represent _____ output rates

question

USPS

answer

who controls the mail monopoly as they are the only company with the ability to deliver first class mail?

question

price makers

answer

firms leading in monopolistic competition are:

question

low

answer

in monopolistic competition, barriers to entry are_____

question

independently, interdependently

answer

firms in monopolistic competition can act _____ or ______

question

mom and pop shops

answer

increasing wages can tilt the market in favor of highly capitalized chain stores and negatively affect:

question

externality

answer

the uncompensated impact of one person's actions on the well-being of the bystander.

question

internalizing the externality

answer

altering incentives so that people take account of the external effects of their actions.

question

education

answer

what is an example of internalizing the externality

question

corrective tax

answer

a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality.

question

larger

answer

negative externalities lead markets to produce a _______ quantity than is socially desirable

question

EPA

answer

What government body has created public policy to regulate against externalities by regulating pollution?

question

welfare system

answer

the government provides a small income for some poor families through:

question

cost-benefit analysis

answer

the study that compares the costs and benefits to society of providing a public good.

question

tragedy of the commons

answer

a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole.

1 of 129

question

total utility

answer

the total satisfaction a consumer derives from consumption; it could refer to either the totally utility of consuming a particular good or the total utility from all consumption.

question

marginal utility

answer

the change in total utility derived from a one-unit change in consumption of a good.

question

law of diminishing marginal utility

answer

the more of a good a person consumes per period, the smaller the increase in total utility from consuming one more unit (o.t.c)

question

consumer equilibrium

answer

the condition in which an individual consumer's budget is spent and the last dollar spent on each good yields the same marginal utility; therefore utility is maximized.

question

marginal valuation

answer

the dollar value of the marginal utility derived from consuming each additional unit of a good.

question

consumer surplus

answer

the difference between the maximum amount that a consumer is willing to pay for a given quantity of a good and what the consumer actually pays.

question

indifference curve

answer

shows all combinations of goods that provide the consumer with the same satisfaction, or the same utility (the consumer finds all combinations on a curve equally preferred)

question

marginal rate of substitution

answer

the number of "A" you are willing to give up to get more of "B", neither gaining nor losing utility in the process.

question

the law of diminishing rate of substitution

answer

States that as your consumption of A increases, the amount of "B" you are willing to give up to get another "A" declines.

question

indifference map

answer

a graphical representation of a consumer's tastes. Each curve reflects a different level of utility.

question

budget line

answer

depicts all possible combinations of videos and pizzas, given their prices and your budget.

question

explicit cost

answer

opportunity cost of resources employed by a firm that takes the form of cash payments.

question

implicit cost

answer

a firm's opportunity cost of using its own resources or those provided by its owners without a corresponding cash payment.

question

accounting profit

answer

a firm's total revenue minus its explicit costs

question

economic profit

answer

a firm's total revenue minus its explicit and implicit costs

question

normal profit

answer

the accounting profit earned when all resources earn their opportunity cost.

question

variable resources

answer

any resource that can be varied in the short run to increase or decrease production

question

fixed resource

answer

any resource that cannot be varied in the short run.

question

short run

answer

a period during which at least one of a firm's resources is fixed- about 3 months

question

long run

answer

a period during which all resources under the firm's control are variable. - about 1 year

question

total product

answer

the total output produced by a firm

question

production function

answer

the relationship between the amount of resources employed and a firm's total product.

question

marginal product

answer

the change in total product that occurs when the use of a particular resource increases by one unit, all other resources constant

question

increasing marginal returns

answer

the marginal product of a variable resource increases as each additional unit of that resource is employed.

question

law of diminishing marginal returns

answer

as more of a variable resource is added to a given amount of a fixed resource, marginal product eventually declines and could become negative.

question

fixed cost

answer

any production cost that is independent of the firm's rate of output

question

variable cost

answer

any production cost that changes as the rate of output changes.

question

total cost

answer

the sum of fixed cost and variable cost or TC=FC+VC

question

average variable cost

answer

variable cost divided by output or AVC= VC/q

question

average total cost

answer

total cost divided by output, or ATC=TC/q; the sum of average fixed cost and average variable cost, or ATC=AFC+AVC

question

long-run average cost curve

answer

a curve that indicates the lowest average cost of production at each rate of output when the size, or scale, of the firm varies; also called the planning curve.

question

economies of scale

answer

forces that reduce a firm's average cost as the scale of operation increases in the long run.

question

diseconomies of scale

answer

forces that may eventually increase a firm's average cost as the scale of operation increases in the long run.

question

constant long-run average cost

answer

a cost that occurs when, over some range of output, long run average cost neither increases nor decreases with changes in firm size.

question

production function

answer

identifies the maximum quantities of a particular good or service that can be produced per time period with various combinations of resources, for a given level of technology.

question

isoquant curve

answer

a curve that shows all the technologically efficient combinations of two resources, such as labor and capital, that produce a certain rate of output.

question

greater

answer

isoquants farther from the origin represent ________ output rates

question

negative

answer

isoquants have ________ slopes because along a given isoquant, the quantity of labor employed inversely relates to the quantity of capital employed

question

answer

do isoquants intersect?

question

convex

answer

isoquants are usually _____________ to the origin

question

marginal rate of technical substitution

answer

The rate at which labor substitutes for capital without affecting output.

question

isocost line

answer

identifies all combinations of capital and labor the firm can hire for a given total cost.

question

expansion path

answer

the line formed by connecting tangency points.

question

market structure

answer

important features of a market, such as the number of firms, product uniformity across firms, firms' ease of entry and exist, and forms of competition.

question

perfect competition

answer

a market structure with many fully informed buyers and sellers of a standardized product and no obstacles to entry or exit of firms in the long run.

question

commodity

answer

a standardized product, a product that does not differ across producers, such as bushels of wheat or an ounce of gold.

question

price taker

answer

a firm that faces a given market price and whose quantity supplied has no effect on that price; a perfectly competitive firm.

question

marginal revenue

answer

the change in total revenue from selling an additional unit; in perfect competition, marginal revenue is also the market price.

question

golden rule of profit maximization

answer

to maximize profit or minimize loss, a firm should produce the quantity at which marginal revenue equals marginal cost; this rule holds for all market structures.

question

average revenue

answer

total revenue divided by output, or AR=TR/q; in all market structures, average revenue equals the market price.

question

short-run firm supply curve

answer

question

short-run industry supply curve

answer

a curve that indicates the quantity supplied by the industry at each price in the short run; in perfect competition, the horizontal sum of each firm's short-run supply curve.

question

long-run industry supply curve

answer

a curve that shows the relationship between price and quantity supplied by the industry once firms adjust fully to any change in market demand.

question

constant-cost industry

answer

an industry that can expand or contract without affecting the long run per-unit cost of production; the long-run industry supply curve is horizontal. Example: Pencil industry

question

increasing-cost industry

answer

an industry that faces higher per-unit production costs as industry output expands in the long run; the long run industry supply curve slopes upward.

question

producer efficiency

answer

the condition that exists when market output is produced using the least-cost combination of inputs; minimum average cost in the long run.

question

allocative efficiency

answer

the condition that exists when firms produce output most preferred by consumers; marginal benefit equals marginal cost.

question

producer surplus

answer

a bonus for producers in the short run; the amount by which total revenue from production exceeds variable costs.

question

social welfare

answer

the overall well-being of people in the economy; maximized when the marginal cost of production equals the marginal benefit to consumers.

question

barrier to entry

answer

any impediment that prevents new firms from entering an industry and competing on an equal basis with existing firms.

question

patent

answer

a legal barrier to entry that grants its holder the exclusive right to sell a product for 20 years from the date the patent application is filed. [Pharmaceuticals]

question

innovation

answer

the process of turning an innovation into a marketable product.

question

price maker

answer

a firm that must find the profit maximizing price when the demand curve for its output slopes downward.

question

deadweight loss of monopoly

answer

net loss to society when a firm uses its market power to restrict output and increase price.

question

rent seeking

answer

activities undertaken by individuals or firms to influence public policy in a way that will increase their incomes.

question

price discrimination

answer

increasing profit by charging different groups of consumers' different prices when the price differences are not justified by differences in costs.

question

perfectly discriminating monopoly

answer

a monopolist who charges a different price for each unit sold; also called the monopolist's dream.

question

monopolistic competition

answer

a market structure with many firms selling products that are substitutes but different enough that each firm's demand curve slopes downward; firm entry is relatively easy.

question

Physical differences, location, services, product image

answer

Four basic ways how products differentiate themselves?

question

excess capacity

answer

the difference between a firm's profit-maximizing quantity and the quantity that minimizes average cost.

question

excludability

answer

the property of a good whereby a person can be prevented from using it.

question

rivalry in consumption

answer

the property of a good whereby one person's use diminishes other people's use.

question

private goods

answer

goods that are both excludable and rival in consumption.

question

public goods

answer

goods that are neither excludable nor rival in consumption

question

common resources

answer

goods that are rival in consumption but not excludable.

question

Free rider

answer

a person who receives the benefit of a good but avoids paying for it. (Fireworks... they are not excludable)

question

Excessive Capacity

answer

the difference between a firm's profit maximizing quantity and the quantity that maximizes average costs

question

oligopoly

answer

a market structure characterized by a few firms whose behavior is interdependent (airlines)

question

undifferentiated oligopoly

answer

an oligopoly that sells a commodity or product that does not differ across suppliers, such as an "ingot of steel" or "barrel of oil"

question

differentiated oligopoly

answer

an oligopoly that sells a commodity or product, that differs across suppliers such as automobiles or breakfast cereal.

question

collusion

answer

an agreement among firms to increase economic profit by dividing the market and/or fixing prices.

question

cartel

answer

a group of firms that agrees to coordinate production and pricing decisions to act like a monopolist. -OPEC

question

Price leader

answer

a firm whose price is adopted by other firms in the industry

question

isocost line

answer

all combinations of capital and labor that a firm can hire for total given cost. They are parallel

question

negative

answer

What is the slope of an isocost line?

question

tangency between the isocost line and isoquant

answer

where is the minimum cost to produce a given output on an isocost line?

question

connect the tangency points between the isoquants and isocost lines

answer

What does an expansion path do?

question

perfectly competitive market

answer

in what market structure is the demand curve a horizontal line at the market price and perfectly elastic?

question

find the quantity at which total revenue exceeds total cost by the most

answer

how can a firm maximize economic profit?

question

economic profit

answer

if total revenue exceeds total cost, this ensues

question

economic loss

answer

if total cost exceeds total revenue, this ensues

question

consumer surplus

answer

in a ______ ______ consumers pay less than they are willing to pay

question

producer surplus

answer

in a ______ _______ producers are willing to accept less than what they are receiving

question

social welfare

answer

when marginal cost of production is equal to the marginal benefit to consume, what is maximized?

question

barriers to entry

answer

Legal restrictions, patents and invention incentives, licenses, and economies of scale are examples of:

question

downward

answer

economies of scale as represented by the downward sloping long run average cost curve have a _____slope

question

Debeers

answer

what diamond company controls the diamond mining industry as a barrier to entry?

question

China

answer

What country controls the essential resource of pandas?

question

Alcoa

answer

What controls the supply of bauxite as a barrier of entry?

question

Russia, Australia, Canada

answer

in the mid 1990s what three countries lost control of rough diamond supplies due to violating US antitrust laws by not negotiating with buyers and offering uncut diamonds at a set price?

question

America

answer

in what country do consumers make more than a third of the world's retail purchases, but only make up 5% of the world population?

question

where marginal revenue equals zero

answer

in a monopoly, where does the total revenue curve reach its maximum?

question

where marginal cost equals marginal revenue

answer

when is profit maximized in a monopoly?

question

downward

answer

a price discrimination market has a ______ slope

question

allocative efficiency

answer

where does no deadweight loss occur?

question

answer

are cartels legal in the US?

question

game thoery

answer

what is an approach that analyzes oligopolistic behavior and is a series of strategic moves and countermoves by rival firms?

question

answer

do indifference curves intersect?

question

virtual reality

answer

what is AMC monopolizing on as less people are going to movies?

question

disney

answer

what company wants to create its own VR industry?

question

Boeing

answer

What company is possibly a "monopoly" for plane production, having data access and software access

question

economies of scale

answer

question

diseconomies of scale

answer

Movie times being staggered due to the limited quantity of parking represents

question

Supersize Me

answer

What does Dr. Erhardt say "ruined" Mcdonalds?

question

greater

answer

isoquants farther from the origin represent _____ output rates

question

USPS

answer

who controls the mail monopoly as they are the only company with the ability to deliver first class mail?

question

price makers

answer

firms leading in monopolistic competition are:

question

low

answer

in monopolistic competition, barriers to entry are_____

question

independently, interdependently

answer

firms in monopolistic competition can act _____ or ______

question

mom and pop shops

answer

increasing wages can tilt the market in favor of highly capitalized chain stores and negatively affect:

question

externality

answer

the uncompensated impact of one person's actions on the well-being of the bystander.

question

internalizing the externality

answer

altering incentives so that people take account of the external effects of their actions.

question

education

answer

what is an example of internalizing the externality

question

corrective tax

answer

a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality.

question

larger

answer

negative externalities lead markets to produce a _______ quantity than is socially desirable

question

EPA

answer

What government body has created public policy to regulate against externalities by regulating pollution?

question

welfare system

answer

the government provides a small income for some poor families through:

question

cost-benefit analysis

answer

the study that compares the costs and benefits to society of providing a public good.

question

tragedy of the commons

answer

a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole.

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